GWM Chairman suggests Chinese car industry is unhealthy with too many price cuts
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GWM Chairman suggests Chinese car industry is unhealthy with too many price cuts
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About this listen
While the Chinese car industry has enjoyed significant growth GWM’s
Chairman Wei Jianjun has warned the industry is in an unhealthy state due
to incessant price cuts. In an interview with Chinese publication Sina
Finance the GWM Chairman suggested if it continues like this the Chinese
auto industry will be seriously threatened. Not specifically referring to any
Chinese car maker he warned the excessive and prolonged price war
between rival Chinese brands, especially those selling electric vehicles,
risks cutting corners on safety and reliability. Discounts have ranged up
from Aud.$22,000. Following Mr. Wei comments shares in BYD, Leapmotor,
Nio, and Geely fell by up to 9.5 percent. BYD recently announced subsidies
and incentives in China – the entry Seagull EV Hatch reduced by
Aud.$12,000 while Geely followed suit with similar incentives for its
Chinese buyers.
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